HVT

Hóa chất Việt Trì ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.20x

Price

26,600

Latest close

03 Jun 2026

P/E 7.32x

P/B 1.36x

EPS 3,636

BVPS 19,505

ROE 22.0%

ROA 13.0%

Profit Margin 6.8%

Asset Turnover 1.91x

Equity Mult. 1.69x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, HVT is improving on both revenue and margins, though the magnitude is still moderate — earnings have been recovering gradually over multiple periods. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,632bn
	                                
+8.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 111bn
	                                
+23.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,603.4	1,450.9	1,258.7	1,376.2	818.7
Growth	+11%	+15%	-9%	+68%	—
Net Income	98.8	84.7	67.7	177.0	68.3
Net Margin	6.16%	5.84%	5.37%	12.86%	8.34%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	419.8	408.1	422.0	381.8	392.4	369.0	378.4	361.9	341.8	316.6	303.4	289.0
Growth	+3%	-3%	+11%	-3%	+6%	-2%	+5%	+6%	+8%	+4%	+5%	—
Net Income	30.9	23.7	32.0	24.4	16.2	30.3	26.8	16.7	10.4	15.2	1.2	17.1
Net Margin	7.36%	5.80%	7.57%	6.39%	4.13%	8.21%	7.08%	4.62%	3.06%	4.79%	0.39%	5.91%

Drivers of HVT's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 20.7bn

Finance costs ↓ 10.6bn

Tax ↑ 5.5bn

Administrative expenses ↑ 3.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 25.3bn

Administrative expenses ↑ 5.2bn

Tax ↑ 3.7bn

Selling expenses ↑ 2.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 20.4% = 6.0% × 1.85 × 1.84

2026Q1 22.0% = 6.8% × 1.91 × 1.69

ROE rose from 20.4% to 22.0% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 6.8% +0.8pp Asset turnover: 1.91x +0.06x Leverage: 1.69x -0.15x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 6.80%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 0.8pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 6.80% +0.8pp

Gross Margin 20.25% −0.4pp

SG&A / Revenue 11.25% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 14.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 19.20%, rising 4.0pp. That translates to 19.20 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.26x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

CAPITAL EFFICIENCY TREND

ROIC 19.20% +4.0pp

NOPAT Margin 6.83% +0.9pp

Capital Turnover 2.81x +0.26x

Average Invested Capital 580.5bn −8.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.67x equity, net debt at 0.08x equity.

Inventory ended the period at 163.1bn, roughly 19.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 14.0 days versus the same period last year. The main moves came from DIO rose 2.5 days, DSO rose 9.8 days, and DPO fell 1.7 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +14.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +9.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 47.6 days +9.8 days

Inventory 39.1 days +2.5 days

Payables 33.6 days −1.7 days

Cash Conversion Cycle 53.1 days +14.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 17.21x.

At present, short-term debt accounts for 88.5% of total debt, cash equals 57.5% of debt, and total debt stands at 97.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 88.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.08x −0.16x

Interest Coverage 17.21x +11.22x

Cash / Debt 57.5% +26.3pp

Short-term Debt / Total Debt 88.5% +16.3pp

CFO / NI 1.20x −2.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 151.2bn in 2025, against investing cash flow of -15.8bn.

Post-investment cash flow was positive +135.4bn. Financing cash flow was negative +121.3bn.

CFO / net income was 1.20x.

After spending +31.8bn on fixed-asset investment, the business generated trailing free cash flow of +101.8bn.

Cash Conversion

CFO TTM 133.5bn −161.9bn

Cash Capex 31.8bn −169.7bn

FCF TTM +101.8bn +7.8bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.20x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.20x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,813.7	1,611.7	1,357.7	1,470.5	880.0
Revenue Deductions	210.3	160.8	98.9	94.3	0.0
Net Revenue	1,603.4	1,450.9	1,258.7	1,376.2	818.7
Cost of Goods Sold	1,296.5	1,159.0	1,027.4	1,010.8	0.0
Gross Profit	306.8	291.9	231.3	365.4	182.2
Financial Income	1.0	2.7	9.7	7.4	4.3
Financial Expenses	9.2	21.8	17.4	17.7	-13.8
Interest Expense	6.1	9.2	5.2	4.4	-6.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	105.3	102.7	87.4	89.7	-50.1
General and Administrative Expenses	69.0	63.7	52.2	47.4	-42.4
Operating Profit	124.3	106.5	84.0	217.9	80.2
Other Income	1.7	2.2	4.5	4.2	0.0
Other Expenses	2.2	2.7	2.7	0.8	0.0
Other Profit	-0.5	-0.5	1.8	3.4	5.2
Profit Before Tax	123.8	106.0	85.8	221.4	85.4
Current Income Tax Expense	25.0	21.3	18.1	44.3	-17.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	98.8	84.7	67.7	177.0	68.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	98.8	84.7	67.7	177.0	68.3
Earnings per Share	3,238.00	6,941.00	5,542.00	14,498.00	5,593.00
Diluted EPS	3,598.04	2,776.00	5,542.00	16,109.18	6,215.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	455.0	389.4	400.1	459.5	304.0
I. Cash and cash equivalents	48.2	34.1	23.0	33.6	5.2
1. Cash	13.2	34.1	23.0	8.6	0.0
2. Cash equivalents	35.0	0.0	0.0	25.0	0.0
II. Short-term financial investments	16.6	24.5	52.5	102.5	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	16.6	24.5	52.5	102.5	0.0
III. Short-term receivables	217.4	187.7	161.5	160.3	103.7
1. Short-term trade accounts receivable	212.3	182.9	84.1	140.1	0.0
2. Short-term prepayments to suppliers	0.5	3.8	74.8	0.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	15.5	12.1	13.5	30.6	0.0
7. Provision for short-term doubtful debts (*)	-10.9	-11.0	-11.0	-11.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	163.1	136.5	139.7	138.7	78.6
1. Inventories	166.5	137.1	139.7	140.8	0.0
2. Provision for decline in value of inventories	-3.4	-0.6	0.0	-2.1	0.0
V. Other short-term assets	9.7	6.6	23.4	24.4	11.4
1. Short-term prepayments	9.7	6.6	22.4	20.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	4.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	1.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	386.0	455.3	354.5	228.9	213.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	378.7	440.8	313.4	221.2	209.1
1. Tangible fixed assets	378.4	440.4	313.4	221.2	209.1
- Cost	1,227.7	1,218.5	1,041.5	899.4	0.0
- Accumulated depreciation	-849.2	-778.1	-728.1	-678.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.4	0.0	0.0	0.0
- Cost	0.9	0.9	0.5	0.5	0.0
- Accumulated depreciation	-0.7	-0.5	-0.5	-0.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.8	4.6	26.4	1.7	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.8	4.6	26.4	1.7	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.5	10.0	14.8	6.0	0.0
1. Long-term prepayments	2.5	10.0	14.8	6.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	841.0	844.7	754.6	688.4	517.4
A. LIABILITIES (300=210+330)	336.1	388.6	355.7	251.2	233.8
I. Short -term liabilities	312.7	353.5	312.7	250.4	207.6
1. Short-term trade accounts payable	111.8	86.7	92.2	79.3	71.2
2. Short-term advances from customers	0.9	0.7	4.5	2.7	3.1
3. Taxes and other payables to state authorities	13.7	11.8	6.2	18.5	0.0
4. Payable to employees	12.9	23.0	18.9	18.4	0.0
5. Short-term acrrued expenses	10.6	5.4	7.2	2.9	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	22.4	21.6	27.3	21.2	0.0
10. Short-term borrowings and financial leases	108.1	176.6	119.9	85.1	67.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	32.2	27.7	36.5	22.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	23.4	35.1	43.0	0.8	26.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	23.4	35.1	43.0	0.8	22.2
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	504.9	456.1	398.9	437.2	283.6
I. Owner's equity	504.9	456.1	398.9	437.2	0.0
1. Owner's capital	274.7	109.9	109.9	109.9	283.6
- Common stock with voting right	274,700,460,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	65.2	204.6	184.3	131.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	165.0	141.7	104.8	196.1	76.8
- Accumulated retained earning at the end of the previous period	66.2	56.9	48.1	19.1	8.5
- Undistributed earnings in this period	98.8	84.7	56.7	177.0	68.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	841.0	844.7	754.6	688.4	517.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	123.8	106.0	85.8	221.4	0.0
Depreciation of Fixed Assets and Investment Property	86.0	78.7	58.3	52.0	0.0
Provision (Increase)/Reversal	2.7	0.7	-2.4	1.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.5	-1.5	-7.5	-6.1	0.0
Interest Expense	9.1	9.2	5.2	4.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	-2.0	0.0
Operating Profit Before Changes in Working Capital	221.2	193.1	139.4	271.1	0.0
Increase/(Decrease) in Receivables	-29.8	-98.8	74.8	-59.7	0.0
Increase/(Decrease) in Inventory	-29.4	2.6	1.1	-62.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.9	-6.6	14.6	9.6	0.0
Increase/(Decrease) in Prepaid Expenses	4.4	20.6	-11.2	-13.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.1	-8.3	-5.5	-4.8	0.0
Corporate Income Tax Paid	-25.8	-18.0	-30.2	-33.7	0.0
Other Operating Receipts	0.1	0.2	0.0	0.0	0.0
Other Operating Payments	-4.3	-14.3	-3.5	-8.0	0.0
Net Cash Flow from Operating Activities	151.2	70.3	179.5	99.1	91.6
Payments for Fixed Assets and Other Long-term Assets	-25.1	-105.0	-248.4	-59.6	-49.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-34.8	-31.0	-154.5	-397.4	-42.9
Receipts from Loan Repayments and Sale of Debt Instruments	42.7	59.0	204.5	399.9	25.1
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	1.9	8.2	5.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-15.8	-75.0	-190.2	-51.0	-65.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	567.7	758.5	404.5	267.5	79.5
Repayment of Borrowings	-647.9	-709.7	-327.6	-270.7	-117.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-41.2	-33.0	-76.9	-16.5	-5.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-121.3	15.8	0.1	-19.7	-43.7
Net Cash Flow During the Period	14.1	11.1	-10.6	28.4	-18.9
Cash and Cash Equivalents at Beginning of Period	34.1	23.0	33.6	5.2	18.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	48.2	34.1	23.0	33.6	5.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	475.3	457.4	478.6	441.5	436.1	422.5	419.6	393.9	364.0	343.2	326.7	314.0
Revenue Deductions	55.6	49.3	56.7	59.7	43.7	53.5	41.2	32.0	22.2	26.6	23.4	25.0
Net Revenue	419.8	408.1	422.0	381.8	392.4	369.0	378.4	361.9	341.8	316.6	303.4	289.0
Cost of Goods Sold	329.9	330.9	335.2	305.3	327.9	275.6	295.5	293.1	287.4	262.9	269.1	240.8
Gross Profit	89.9	77.1	86.8	76.5	64.6	93.4	82.9	68.8	54.4	53.7	34.3	48.3
Financial Income	0.1	0.1	0.1	0.6	0.2	0.6	0.6	1.0	0.5	1.7	2.2	4.7
Financial Expenses	1.4	1.9	2.0	2.8	2.5	3.8	5.9	6.5	5.7	5.0	3.7	4.2
Interest Expense	1.4	1.9	2.0	2.8	2.5	2.5	2.4	2.4	2.1	1.7	0.9	1.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	28.4	27.0	27.2	25.5	25.7	30.8	27.1	25.3	26.4	25.7	19.4	18.3
General and Administrative Expenses	21.8	18.1	17.2	18.4	16.5	22.0	16.6	17.2	9.0	16.0	12.1	14.4
Operating Profit	38.5	30.1	40.6	30.4	20.1	37.5	33.8	20.7	13.8	8.7	1.3	16.0
Other Income	0.2	1.0	0.3	0.2	0.2	0.7	0.3	0.9	0.3	11.6	0.3	7.8
Other Expenses	0.0	1.5	0.8	0.0	0.0	0.3	0.6	0.7	1.0	0.4	0.1	2.2
Other Profit	0.2	-0.5	-0.5	0.1	0.2	0.4	-0.3	0.1	-0.7	11.2	0.2	5.6
Profit Before Tax	38.7	29.7	40.2	30.5	20.3	37.9	33.5	20.9	13.1	19.9	1.5	21.6
Current Income Tax Expense	7.7	6.0	8.2	6.1	4.1	7.6	6.7	4.2	2.6	4.7	0.3	4.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	30.9	23.7	32.0	24.4	16.2	30.3	26.8	16.7	10.4	15.2	1.2	17.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.9	23.7	32.0	24.4	16.2	30.3	26.8	16.7	10.4	15.2	1.2	17.1
Earnings per Share	1,013.00	776.00	1,047.00	800.00	531.00	2,482.00	2,193.00	1,368.00	855.00	1,242.00	96.00	1,399.00
Diluted EPS	1,125.17	862.23	1,163.40	888.83	589.73	2,757.35	2,437.14	1,520.30	950.49	1,380.57	106.69	1,553.84

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	457.1	454.4	415.9	396.5	444.2	390.4	294.1	330.0	379.1	415.7	343.7	504.1
I. Cash and cash equivalents	56.2	13.2	40.4	31.5	50.5	34.1	15.9	46.6	10.4	23.0	17.8	91.1
1. Cash	56.2	13.2	40.4	31.5	50.5	34.1	15.9	46.6	10.4	23.0	17.8	31.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	60.0
II. Short-term financial investments	28.6	51.6	11.6	13.1	29.6	24.5	24.5	37.5	52.5	32.5	37.5	50.5
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	28.6	51.6	11.6	13.1	29.6	24.5	24.5	37.5	52.5	32.5	37.5	50.5
III. Short-term receivables	241.3	218.5	219.6	179.8	209.3	187.8	148.5	107.9	210.8	197.1	154.1	172.1
1. Short-term trade accounts receivable	218.4	213.0	214.0	178.4	207.1	182.9	147.1	106.4	103.8	84.1	98.7	108.0
2. Short-term prepayments to suppliers	15.4	1.4	0.1	0.0	0.0	4.0	0.1	0.4	105.9	92.8	35.2	44.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	18.4	15.1	16.5	12.4	13.2	12.0	12.3	12.1	12.1	31.1	31.3	30.8
7. Provision for short-term doubtful debts (*)	-10.9	-10.9	-11.0	-11.0	-11.0	-11.1	-11.0	-11.0	-11.0	-11.0	-11.1	-11.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	124.0	161.4	140.5	170.3	150.5	137.4	96.2	115.9	87.7	139.7	124.4	174.8
1. Inventories	127.5	164.8	143.0	172.8	151.1	137.4	96.2	115.9	87.7	139.7	124.8	175.2
2. Provision for decline in value of inventories	-3.4	-3.4	-2.4	-2.4	-0.6	0.0	0.0	0.0	0.0	0.0	-0.5	-0.5
V. Other short-term assets	7.0	9.7	3.8	1.8	4.3	6.7	9.0	22.0	17.7	23.5	10.0	15.6
1. Short-term prepayments	6.9	9.7	3.8	1.8	3.8	6.7	9.0	14.0	17.6	22.5	10.0	15.4
2. Value added tax to be reclaimed	—	—	—	—	0.5	0.0	0.0	7.6	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	0.0	—	—	0.0	—	0.0	0.0	0.4	0.1	1.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	372.1	386.0	405.2	421.0	432.7	454.4	475.1	481.7	365.2	332.2	334.5	239.4
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	363.8	378.7	395.1	407.8	420.6	430.1	447.4	465.0	306.8	313.4	297.3	200.4
1. Tangible fixed assets	363.6	378.4	394.8	407.5	420.2	429.8	447.1	465.0	306.8	313.4	297.3	200.4
- Cost	1,229.9	—	—	—	—	1,207.9	1,205.2	1,219.9	1,051.1	1,041.5	1,008.8	897.3
- Accumulated depreciation	-866.3	—	—	—	—	-778.1	-758.1	-754.9	-744.2	-728.1	-711.5	-696.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	6.5	4.8	6.5	7.6	4.6	14.4	19.2	6.8	46.1	4.1	28.2	33.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	6.5	4.8	6.5	7.6	4.6	14.4	19.2	6.8	46.1	4.1	28.2	33.1
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.8	2.5	3.7	5.5	7.6	10.0	8.5	9.9	12.3	14.8	9.0	5.9
1. Long-term prepayments	1.8	2.5	3.7	5.5	7.6	10.0	8.5	9.9	12.3	14.8	9.0	5.9
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	829.2	840.4	821.2	817.5	877.0	844.9	769.2	811.7	744.3	747.9	678.2	743.5
A. LIABILITIES (300=210+330)	293.3	338.1	342.5	370.8	404.7	389.3	343.9	413.2	334.9	337.8	283.2	349.6
I. Short -term liabilities	282.2	314.7	319.9	344.0	359.7	354.2	307.4	366.1	281.9	294.6	254.5	328.4
1. Short-term trade accounts payable	89.3	110.7	52.2	58.2	150.1	85.1	65.6	84.7	80.0	85.4	50.7	115.2
2. Short-term advances from customers	1.2	1.6	1.9	0.4	1.2	0.6	0.6	1.5	1.3	4.5	3.9	3.6
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	13.9	13.0	14.3	7.9	3.3	12.4	11.6	3.8	4.1	6.3	3.9	4.4
4. Payable to employees	12.4	16.4	21.7	18.4	17.9	24.5	19.0	16.8	5.5	18.9	14.6	15.4
5. Short-term acrrued expenses	17.3	11.2	10.8	8.8	8.0	6.2	3.2	2.0	1.1	6.9	0.9	4.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	30.6	21.6	27.6	20.1	23.2	21.1	16.4	39.0	13.1	16.3	14.5	75.9
10. Short-term borrowings and financial leases	86.5	108.1	124.1	172.2	117.0	176.6	134.8	175.7	141.7	119.7	103.2	55.0
11. Provision for short-term liabilities	—	—	33.7	24.0	12.7	0.0	28.2	9.8	1.2	0.0	24.5	16.4
12.. Bonus and welfare fund	30.8	32.2	33.7	34.0	26.3	27.7	28.1	32.9	34.0	36.5	38.3	38.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	11.2	23.4	22.6	26.8	45.0	35.1	36.5	47.2	53.0	43.2	28.7	21.2
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	11.2	23.4	22.6	26.8	45.0	35.1	36.5	47.2	53.0	43.2	28.7	21.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	535.8	502.3	478.6	446.7	472.3	455.6	425.3	398.5	409.4	410.2	395.0	393.8
I. Owner's equity	535.8	502.3	478.6	446.7	472.3	455.6	425.3	398.5	409.4	410.2	395.0	393.8
1. Owner's capital	274.7	274.7	274.7	274.7	274.7	109.9	109.9	109.9	109.9	109.9	109.9	109.9
- Common stock with voting right	274,700,460,000.00	274,700,460,000.00	274,700,460,000.00	274,700,460,000.00	274,700,460,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00	109,880,590,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	65.2	65.2	65.2	65.2	39.7	204.6	204.6	204.6	184.3	184.3	184.3	184.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	195.9	162.4	138.8	106.8	157.9	141.1	110.8	84.1	115.2	116.0	100.9	99.7
- Accumulated retained earning at the end of the previous period	165.0	66.2	66.2	66.2	141.7	56.9	56.9	56.9	104.8	48.1	48.1	48.1
- Undistributed earnings in this period	30.9	96.3	72.6	40.6	16.2	84.2	53.9	27.1	10.4	67.9	52.8	51.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	829.2	840.4	821.2	817.5	877.0	844.9	769.2	811.7	744.3	747.9	678.2	743.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	73.0	—	50.8	—	0.0	-34.0	34.0	0.0	85.8	-64.8	64.8
Depreciation of Fixed Assets and Investment Property	—	42.2	—	43.8	—	0.0	-36.3	36.3	0.0	58.3	-27.3	27.3
Provision (Increase)/Reversal	—	-23.1	—	25.8	—	0.0	-9.8	9.8	0.0	-2.4	-14.5	14.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.4	—	-0.9	—	0.0	0.7	-0.7	0.0	-7.5	5.0	-5.0
Interest Expense	—	3.8	—	5.3	—	0.0	-4.5	4.5	0.0	5.2	-2.6	2.6
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	96.5	—	124.7	—	0.0	-83.8	83.8	0.0	139.4	-104.2	104.2
Increase/(Decrease) in Receivables	—	-33.9	—	4.1	—	0.0	26.8	-26.8	0.0	74.8	-4.1	4.1
Increase/(Decrease) in Inventory	—	6.2	—	-35.6	—	0.0	-23.8	23.8	0.0	1.1	31.9	-31.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	37.5	—	-13.6	—	0.0	31.4	-31.4	0.0	14.6	-37.6	37.6
Increase/(Decrease) in Prepaid Expenses	—	-4.9	—	9.3	—	0.0	-9.7	9.7	0.0	-11.2	-4.7	4.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-4.0	—	-5.1	—	0.0	3.8	-3.8	0.0	-5.5	3.1	-3.1
Corporate Income Tax Paid	-9.9	-6.6	-5.0	-3.5	-10.7	-5.5	-3.5	-2.1	-6.9	0.0	-3.7	-7.0
Other Operating Receipts	25.4	—	—	—	—	3.6	42.4	-3.1	3.1	-100.8	100.8	-25.1
Other Operating Payments	-64.2	63.5	-65.5	30.0	-32.3	-21.7	-48.1	5.6	-15.0	63.5	-65.5	34.7
Net Cash Flow from Operating Activities	49.6	18.7	65.2	-0.0	67.3	22.2	165.9	40.1	-3.2	22.9	69.0	45.1
Payments for Fixed Assets and Other Long-term Assets	-8.1	-4.0	7.1	-26.8	-1.5	-44.4	-107.6	-48.0	-30.4	-101.7	-85.9	-56.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Loans and Purchases of Debt Instruments	—	58.2	—	-93.1	—	0.0	23.0	-23.0	0.0	-154.5	70.5	-70.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	-61.8	—	104.5	—	0.0	-38.0	38.0	0.0	204.5	-122.5	122.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.3	0.1	0.6	0.2	0.1	-0.6	1.0	0.2	4.1	-0.8	4.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.9	4.3	-4.3	-14.7	-1.2	-44.2	-123.1	-32.0	-30.2	-47.6	-138.7	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	60.8	93.1	128.0	243.7	103.0	219.7	163.6	213.0	161.1	162.3	93.0	67.5
Repayment of Borrowings	-94.5	-108.4	-180.1	-206.8	-152.6	-179.5	-215.1	-184.8	-129.3	-132.4	-36.2	-54.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-41.2	—	0.0	-22.0	0.0	-11.0	0.0	-60.4	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-33.7	-15.3	-52.1	-4.3	-49.6	40.2	-73.5	28.2	20.8	29.9	-3.6	13.2
Net Cash Flow During the Period	8.1	7.7	8.9	-19.0	16.4	18.2	-30.7	36.2	-12.6	5.2	-73.3	58.2
Cash and Cash Equivalents at Beginning of Period	48.2	40.4	31.5	50.5	34.1	23.0	23.0	23.0	23.0	33.6	33.6	33.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	56.2	48.2	40.4	31.5	50.5	34.1	15.9	46.6	10.4	23.0	17.8	91.1

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HVT

What Is Changing

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Balance Sheet ●

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow